A growth function has the following form.
[tex]P=P_0(1+ \frac{r}{n} )^{nt}[/tex]
where [tex]P_0[/tex] = Original amount,
r = annual rate of change,
n = number of periods,
t = time in years
Since the time is in years, we need to convert t into days. We know that 1 year = 365 days. So t years = 365t days.
So in this case, n = 365, r = 0.0095.
Then the function is rewritten as follows.
[tex]P=25,000(1+ \frac{0.0095}{365})^{365t}[/tex]
The daily growth rate would be [tex] \frac{0.0095}{365}= 0.00003 = 0.003%[/tex]
